Bond Factsheet
HPLSP 4.650% Perpetual Corp (SGD)
Hotel Properties Limited
Indicative
Full Lot
Bid Price 99.000
Change in Bid Price
-
Bid Yield (%) 7.130 %
Change in Bid Yield 0.016
Ask Price 100.000
Change in Ask Price
-
Ask Yield (%) 4.650 %
Change in Ask Yield
-
Indicative price as of 31 May 2022, 12:00am
Bond Issuer
Hotel Properties Limited
Guarantor
-
Announcement Date
26 Apr 2017
Issue Date
05 May 2017
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.094
Modified Duration
-
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
4.650
Coupon Type
Variable
Annual Coupon Rate
4.650
Coupon Frequency
Semi Annually
Seniority
Junior Subordinated
Reference Rate
Reset Date: 05May2022 and every 5 years thereafter
Reset Rate: SGD 5Y SOR + Initial Spread (268.5bps) + 100bps on 05May2027
ISIN
SG7BA5000006
CUSIP
AN3853214
Bond Currency
SGD
Total Issue Size
150,000,000
Min. Investment Quantity (Nominal)
SGD 250,000
Incremental Quantity (Nominal)
SGD 250,000
Bond Type
High Yield Corporate
Bond Sector
Consumer Discretionary
Bond Sub Sector
Hotels Restaurants and Leisure
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
SGX
Deferral Interest Payment
If Cumulative Deferral is set out hereon, any distribution deferred pursuant to this Condition 4(IV) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect (in the circumstances set out in Condition 4(IV)(a)) to further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued distribution. The Issuer is not subject to any limit as to the number of times distributions and Arrears of Distribution can or shall be deferred pursuant to this Condition 4(IV) except that this Condition 4(IV)(c) shall be complied with until all outstanding Arrears of Distribution have been paid in full.
DIVIDEND PUSHER
Look-back 12 months
DIVIDEND STOPPER
If Dividend Stopper is set out hereon and on any Distribution Payment Date, payments of all distribution scheduled to be made on such date are not made in full by reason of this Condition 4(IV), the Issuer shall not and shall procure that none of its subsidiaries shall:
(i) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on, any of the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Issuer's Parity Obligations; or
(ii) redeem, reduce, cancel, buy-back or acquire for any consideration, and will procure that no redemption, reduction, cancellation, buy-back or acquisition for any consideration is made in respect of, any of the Issuer's Junior Obligations or, in relation to Subordinated Perpetual Securities only, (except on a pro rata basis) any of the Issuer's Parity Obligations, in each case unless and until (1) (if Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) the Issuer has satisfied in full all outstanding Arrears of Distribution, (2) (if Non-Cumulative Deferral is specified as being applicable in the applicable Pricing Supplement) a redemption of all the outstanding Perpetual Securities has occurred, the next scheduled distribution has been paid in full or an Optional Distribution equal to the amount of a distribution payable with respect to the most recent Distribution Payment Date that was unpaid in full or in part, has been paid in full or (3) the Issuer is permitted to do so by an Extraordinary Resolution (as defined in the Trust Deed) of the Perpetual Securityholders and/or as otherwise specified in the applicable Pricing Supplement.
Issuer Call
Coupon Step
300 bps step-up upon a Change of Control Event
Change Control Call
If so provided in the applicable Pricing Supplement, the Perpetual Control Event Securities may be redeemed at the option of the Issuer in whole, but not in part, on any Distribution Payment Date or, if so specified in the applicable Pricing Supplement, at any time on giving not less than 30 nor more than 60 days' notice to the Perpetual Securityholders (which notice shall be irrevocable), at their Redemption Amount, (together with distribution (including any Arrears of Distribution and any Additional Distribution Amount) accrued to (but excluding) the date fixed for redemption), following the occurrence of a Change of Control Event (as specified in the applicable Pricing Supplement).
For the purposes of Condition 5(g): "Change of Control Event" means:
(a) any Person or Person or Persons (acting together with its related corporations) (other than Permitted Holders) acquires or acquire Control of the Issuer, if such Person or Persons does not or do not have, and would not be deemed to have, Control over the Issuer on the Issue Date; or
(b) the Issuer consolidates with or merges into or sells or transfers all or substantially all of the Issuer's assets to any other Person or Persons (acting together with its related corporations) (other than Permitted Holders), unless the consolidation, merger, sale or transfer will not result in such other Person or Persons acquiring Control over the Issuer or the successor entity
"Control" means:
(a) the ownership or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer; or
(b) the right to appoint and/or remove all or the majority of the members of the Issuer's board of directors, whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of voting rights, contract or otherwise
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